Insider Selling: Editas Medicine (NASDAQ:EDIT) CEO Sells $15,576.96 in Stock

Editas Medicine, Inc. (NASDAQ:EDIT) CEO Gilmore O’neill sold 5,124 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $3.04, for a total value of $15,576.96. Following the completion of the transaction, the chief executive officer owned 243,189 shares in the company, valued at approximately $739,294.56. This represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Editas Medicine Stock Performance

Shares of EDIT stock opened at $3.23 on Monday. The firm has a market capitalization of $496.06 million, a PE ratio of -4.31 and a beta of 2.09. The firm has a fifty day simple moving average of $3.03 and a two-hundred day simple moving average of $2.80. Editas Medicine, Inc. has a 12 month low of $1.66 and a 12 month high of $4.54.

Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.12. The firm had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. Editas Medicine had a negative net margin of 157.32% and a negative return on equity of 196.63%. On average, equities analysts predict that Editas Medicine, Inc. will post -0.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. LADENBURG THALM/SH SH assumed coverage on Editas Medicine in a research note on Tuesday, August 18th. They set a “buy” rating and a $6.00 price target for the company. Weiss Ratings upgraded Editas Medicine from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. TD Cowen reaffirmed a “buy” rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Finally, Wall Street Zen upgraded Editas Medicine from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $6.00.

Hedge Funds Weigh In On Editas Medicine

Hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP purchased a new position in shares of Editas Medicine in the 2nd quarter worth about $1,190,000. Renaissance Technologies LLC increased its holdings in Editas Medicine by 30.7% during the first quarter. Renaissance Technologies LLC now owns 3,972,160 shares of the company’s stock worth $9,811,000 after buying an additional 932,382 shares during the last quarter. Seven Fleet Capital Management LP purchased a new stake in Editas Medicine during the second quarter worth about $4,310,820. BlackRock Inc. bought a new stake in Editas Medicine in the second quarter worth about $34,312,000. Finally, ADAR1 Capital Management LLC bought a new stake in Editas Medicine in the second quarter worth about $28,800,000. Hedge funds and other institutional investors own 71.90% of the company’s stock.

About Editas Medicine

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.